|
PHILLIP SECURITIES |
CGS INTERNATIONAL |
|
BRC Asia Ltd Order book spike of 47% drives future growth
• BRC Asia provided 1Q26 update with limited financials. 1Q26 revenue/PATMI were within expectations, at 27%/26% of our FY26e forecasts. 1Q26 PATMI surged 40% YoY to S$27.3mn, driven by an estimated 42% YoY higher delivery volumes from stronger project offtake.
|
iFAST Corporation Ltd Growth mindset intact for FY26F
■ 4Q25 PATMI of S$32.9m (+70.4% yoy, +26.4% qoq) was 24.8%/16.7% above our/Bloomberg consensus’ implied 4Q25F estimates. ■ Higher PBT contribution from Singapore, alongside lower tax expense from deferred tax assets recognised in UK for iGB, drove 4Q25 outperformance. ■ We expect strong earnings growth yoy in FY26F due to a low base effect; 2H26F’s yoy growth will be contingent on execution of HK pension projects. ■ Reiterate Add, with a higher SOP-based TP of S$13.30.
|
|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
Starhub Painful steps to secure future
■ We downgrade Starhub from Hold to Reduce, with a reduced GGM-derived TP of S$0.87, following a review of our estimates post-4Q25 results. ■ Management’s EBITDA guidance for FY26F at 75-80% of FY25 levels is reflective of painful steps it sees are required for longer-term profitability. ■ With a 57% decline in FY26F net profit and with recovery to FY25 levels only projected in FY28F, we believe a 6 Scts/share annual DPS is little respite
|
Thai Beverage Margin uplift in motion
■ 1QFY9/26 EBITDA (+2% yoy) was ahead of expectations, thanks to margin expansion in Beer (+3% pts yoy) and improved Spirits volumes (+4% yoy). ■ Weakness in Beer revenue was expected due to poor weather conditions in Vietnam, civil unrest in Myanmar, as well as unfavourable forex translation. ■ We expect low raw material costs and opex normalisation to drive margin expansion for THBEV in FY26F. ■ THBEV is a consumer sector laggard, trading at 10x fwd P/E. Reiterate Add with an unchanged SOP-based TP of S$0.58 (implies 12x CY27F P/E).
|
| UOB KAYHIAN | MAYBANK SECURITIES |
|
ASL Marine (ASL SP) 1HFY26: Strong Beat On Repair Momentum; Raise Target Price By 23%
Highlights • ASL’s 1HFY26 PATMI of S$17.1m formed 57% of our full-year estimates, beating our expectations due to stronger repair margins and sharply lower finance costs. • A 30% qoq rise in ship chartering orderbook to S$107m and continued deleveraging (net gearing of 0.77x from 1.35x) supports stronger cash flow. • Maintain BUY with a 23% higher target price of S$0.43. ASL trades at 9x FY27F PE, implying a 30% discount to Singapore-listed peers’ average of 13x.
|
Singapore Telecommunications (ST SP) 9MFY26: Momentum remains firm; Raise TP to SGD5.25
9MFY26: Robust trends; scope for SG improvement Singtel’s 3QFY26 underlying earnings increased 9% YoY (14% in cc terms) and is trending at 74% of street full-year estimates. Growth was led by Associates (15% YoY), despite Intouch exclusion. Associates contributed about 70% of group earnings. Core business momentum was firm except for Singapore mobile (down 10% YoY) but we see a silver lining with upcoming industry consolidation. Within associates, Airtel, AIS and Globe posted strong growth. While Telkomsel’s PAT growth at 5% was decent, we see potential for a pick-up in momentum helped by competitive improvements in Indonesia. We make minor earnings tweaks and raise our TP to SGD5.25 (SGD5.08) mainly on lower SG business WACC and on updated forex assumptions. Reiterate BUY.
|
